Singapore firms urged to go for quality growth amid manpower constraints

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Foreign Affairs and Law Minister K Shanmugam has urged Singapore businesses to go for quality growth to tackle the challenge of growing manpower constraints.

Speaking at the Deloitte’s Global Tax Conference on Wednesday, he said it is not viable for Singapore to keep increasing manpower at the same rate as in recent years.

Mr Shanmugam said: “The individual perspective assumes you can keep growing with more and more input of labour, without any constraints on land.

“We have to take the hard position and say that we accept that we have to cut back on the factor of input of labour, because it’s not sustainable to keep growing at this rate. We have to try and go for quality growth.

“That’s a nice catch phrase but for a lot of people, without additional labour, quality growth would not be possible. But these are the trade-offs we have had to make.”

He also addressed questions about Singapore being seen as a ‘tax haven’, especially for tax evasion.

Mr Shanmugam said Singapore has a fundamentally clean system, with robust safety mechanisms to protect against money laundering.

Banks are also required to get to know clients and their sources of funds.

Mr Shanmugam also expressed his bullish outlook on regional integration efforts through the ASEAN Economic Community.

He said that significant diversity within the grouping may pose challenges in the near-to-medium term.

However, he believes the economic potential for integration is substantial.

Mr Shanmugam said: “600 million people in a geographically defined area, sitting between three large economies — India, China and Japan — second largest, third largest, and India among the top 10 economies in the world.

“So you actually have four major blocs — India, ASEAN, China, Japan — huge potential. And if you integrate Australia, which is another G20 country, also $2 trillion, we’re talking about very substantial synergies, which is why ideas like the TPP (Trans-Pacific Partnership) make a lot of sense.”

 

 

 

 

Source : Channel News Asia | April 9, 2014

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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